Mr. John Putters reports

VISIONSTATE REPOSITIONS UNDER MIRA COMPLIANCE PLATFORM AND REPORTS SUBSCRIPTION GROWTH

Visionstate Corp. has strategically repositioned its technology offerings under a unified compliance-focused platform brand, MIRA, and provided an update on subscription activity entering fiscal 2026.

"For several years, Visionstate has been described primarily as an IoT (Internet of Things) facility management solution," said John Putters, chief executive officer of Visionstate. "As regulatory and operational accountability requirements increase, we believe it is more accurate to describe our business as a compliance-focused subscription platform. MIRA reflects that positioning and the broader compliance opportunity we are addressing."

The company believes that regulatory initiatives such as Ontario's public cleaning transparency requirements under Bill 190 are indicative of a broader structural shift toward documented compliance, inspection auditing and operational verification across facilities.

In response to this shift, Visionstate has strengthened and simplified its subscription model to improve recurring revenue visibility, standardize pricing and provide clearer metrics for measuring growth. Management notes that the company's subscription-based model provides operating leverage once fixed costs are covered.

Subscription activity -- January, 2026, baseline

As of January, 2026, the company reports:

• 110 active rebilling location subscriptions;
• 35 new location subscriptions added during January, 2026.

For comparison, in January, 2025, the company recorded one new subscription.

These figures reflect subscription activity through the company's existing primary distribution partner. The current fiscal quarter concludes on March 31, 2026, and subscription activity may vary throughout the rest of the quarter as the company works to advance opportunities currently within its sales pipeline.

"The January subscription activity provides a measurable acquisition baseline from one distribution channel," Mr. Putters stated. "It allows us to evaluate subscription growth using actual performance data."

Subscription model and path to operating scale

MIRA platform location subscriptions are priced at $960 per location annually, or approximately $80 per month, excluding optional add-ons, services and retainers.

In addition, MIRA inspections, introduced in 2025, is priced at approximately $80 per month per location, representing an additional recurring revenue stream when adopted alongside the core MIRA subscription.

Visionstate's operating subsidiary, Visionstate IoT Inc., generates revenue through a recurring subscription model with largely fixed operating costs.

Based on current cost structure and average core location subscription pricing, management estimates that approximately 400 active monthly location subscriptions would be required to achieve operating break-even within Visionstate IoT.

The company currently reports approximately 145 active location subscriptions through its existing sales channel at $960 per subscription per year in recurring revenue. As the subscriptions renew each year, the revenue is cumulative and added to new licensing revenue.

Based on this subscription base, an average net increase of approximately 20 to 25 core location subscriptions per month over the next 12 months, assuming consistent acquisition and retention rates, would position the company to approach operating break-even within that time frame. January, 2026, subscription activity was above this illustrative monthly level; however, management cautions that monthly results may vary.

Management notes that this break-even estimate is calculated using core subscription pricing only and does not include potential incremental revenue from MIRA inspections, retainers, implementation services, audit services or other ancillary revenue streams associated with the platform.

"With fixed operating costs largely established, expansion of both core subscriptions and inspection modules contributes to operating scale," Mr. Putters added.

MIRA platform overview

Under the MIRA brand, Visionstate integrates:

• Cleaning verification and regulatory transparency tools;
• MIRA inspections, a compliance and auditing module priced per location;
• Public reporting and feedback capture;
• Work order and incident tracking;
• Data analytic and predictive modelling capabilities.

Management believes that combining verification, inspection auditing and predictive analytics strengthens the company's positioning within the compliance segment.

2026 focus

"Two thousand twenty-five was focused on platform development," Mr. Putters concluded. "In 2026, we are focused on scaling the MIRA compliance platform and advancing toward operating efficiency within our subscription model."

About Visionstate Corp.

Visionstate is a technology company focused on compliance-driven subscription solutions for regulated and high-traffic facilities. Through its wholly owned subsidiary, Visionstate IoT, the company delivers the MIRA platform, which enables organizations to digitally verify, audit and document operational activities in support of regulatory transparency and accountability requirements.

The company's subscription-based platform is deployed across hospitals, airports, shopping centres, educational institutions and other public facilities across North America.

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